Net cash provided by continuing operating activities was RMB24,888.2 million for the years ended December 31, 2020. The difference between our net income from continuing operations of RMB12,330.2 million and the net cash provided by continuing operating activities was primarily due to (i) the adjustment of non-cash items, mainly including adding back the depreciation and amortization charges of RMB3,457.8 million, unrealized exchange loss of RMB3,102.5 million and share-based compensation cost of RMB2,663.5 million, partially offset by fair value change of equity security investments of RMB720.6 million, fair value changes of short-term investments of RMB580.7 million and share of results on equity method investees and revaluation results from previously held equity interest of RMB302.6 million, and (ii) the increase in cash resulted from the changes in operating assets and liabilities, mainly including an increase in deferred revenue of RMB2,342.9 million, an increase in payables of RMB1,816.2 million, including content costs, bonus and professional and technical charges and an increase in tax payables of RMB1,126.6 million, partially offset by an increase in accounts receivable, prepayments and other current assets of RMB544.0 million.
Net cash provided by continuing operating activities was RMB16,911.0 million for the year ended December 31, 2019. The difference between our net income from continuing operations of RMB13,468.6 million and the net cash provided by continuing operating activities was primarily due to (i) the adjustment of non-cash items, mainly including adding back of depreciation and amortization charges of RMB2,613.8 million and share-based compensation cost of RMB2,404.1 million, partially offset by fair value change of equity security investments and other financial instruments of RMB751.7 million and fair value changes of short-term investments of RMB657.6 million, and (ii) the decrease in cash resulted from the changes in operating assets and liabilities, mainly including an increase in accounts receivable, prepayments and other current assets of RMB1,499.9 million which was partially offset by an increase in deferred revenue of RMB883.7 million and a decrease in inventories of RMB415.1 million.
Continuing Investing Activities
Net cash used in continuing investing activities was RMB7,078.3 million (US$1,110.7 million) for the year ended December 31, 2021, which was mainly attributable to (i) placement/rollover of matured time deposits of RMB81,298.1 million (US$12,757.4 million), (ii) purchase of short-term investments of RMB15,285.0 million (US$2,398.6 million), (iii) investment in other equity investments and acquisition of subsidiaries of RMB5,417.1 million (US$850.1 million), (iv) purchase of property, equipment and software of RMB1,601.8 million (US$251.4 million), (v) purchase of intangible assets, content and licensed copyrights of RMB1,508.2 million (US$236.7 million), and (vi) investment in equity investees of RMB1,124.4 million (US$176.4 million), which were partially offset by (A) proceeds from maturity of time deposits of RMB81,307.3 million (US$12,758.9 million), (B) proceeds from maturity of short-term investments of RMB13,235.8 million (US$2,077.0 million), (C) net change in short-term investments with terms of three months or less of RMB3,694.9 million (US$579.8 million), and (D) proceeds from disposals of investment in equity investees, business and subsidiaries of RMB1,115.5 million (US$175.0 million).
Net cash used in continuing investing activities was RMB29,192.4 million for the year ended December 31, 2020, which was mainly attributable to (i) placement/rollover of matured time deposits of RMB91,518.8 million, (ii) purchase of short-term investments of RMB19,905.0 million, (iii) purchase of intangible assets, content and licensed copyrights of RMB2,234.9 million, (iv) investment in other equity investments and acquisition of subsidiaries of RMB2,062.0 million, (v) net change in short-term investments with terms of three months or less of RMB1,655.9 million, (vi) purchase of property, equipment and software of RMB1,055.6 million, and (vii) investment in equity investees of RMB345.7 million, which were partially offset by (A) proceeds from maturity of time deposits of RMB64,880.3 million, (B) proceeds from maturity of short-term investments of RMB24,126.2 million and (C) proceeds from disposals of investment in equity investees, business and subsidiaries of RMB722.1 million.
Net cash used in continuing investing activities was RMB21,304.5 million for the year ended December 31, 2019, which was mainly attributable to (i) placement/rollover of matured time deposits of RMB77,083.4 million, (ii) purchase of short-term investments of RMB22,370.0 million, (iii) purchase of intangible assets, content and licensed copyrights of RMB2,119.3 million, (iv) purchase of property, equipment and software of RMB1,209.5 million, (v) acquisitions of other long-term investments of RMB1,111.5 million, (vi) net change in short-term investments with terms of three months or less of RMB1,023.2 million, and (vii) investment in equity investees of RMB450.7 million, which were partially offset by (A) proceeds from maturity of time deposits of RMB54,381.6 million, (B) proceeds from maturity of short-term investments of RMB20,225.3 million, (C) proceeds received from discontinued operations of RMB9,031.1 million and (D) proceeds from disposals of investment in equity investees, business and subsidiaries of RMB406.7 million.